Taxation – Corporate excise – DSAs

Where a corporation sought an excise abatement for deferred subscription arrangements, the arrangements did not qualify as bona fide debt.
Decision by Department of Revenue to deny abatement request affirmed.
“The appellants in these appeals, NGHI, NGUSA and NG Service, were subsidiaries of National Grid plc (‘NGPLC’), a British multinational electricity and gas utility company headquartered in London, ...